UPM Annual Report 2024

WE ARE UPM

GOVERNANCE

ACCOUNTS AND PERFORMANCE

Report of the Board of Directors

Sustainability Statement

Financial Statements

Auditor's Report

Sustainability Assurance Reports

Parent company accounts (Finnish Accounting Standards, FAS)

Balance sheet

EURm

NOTE

2024

2023

ASSETS Non-current assets Intangible assets Intangible rights

Income statement

5

5

Other intangible assets

21 41 67

27 26 58

EURm

NOTE

2024 2,599

2023 2,585

Advance payments

Sales

1

7

Change in inventories of finished goods and work in progress

-10

10

Tangible assets Land and water areas

Production for own use Other operating income

3

1

747 158 386

748 166 414

2

79

103

Buildings

Materials and services Raw materials and consumables purchased

Machinery and equipment

-1,956

-1,935

Other tangible assets

18 17

18 26

Change in inventories

26

-43

Advance payments and construction in progress

External charges

-9

-8

8

1,326

1,372

-1,938

-1,987

Investments Holdings in group companies

Personnel expenses Salaries and fees

6,968

6,587

-206

-198

Holdings in participating interest companies

5 3

5 3

Indirect employee costs Pension costs

Other shares and holdings

-35

-36

Receivables from group companies

950

993

Other indirect employee costs

-5

-7

Receivables from participating interest companies

13

3

3

-247

-241

9

7,939 9,331

7,590 9,019

Depreciation, amortisation and impairment charges Depreciation and amortisation

Total non-current assets

-103 -103 -287

-112 -112 -349

Current assets Inventories Raw materials and consumables Finished products and goods

4 5

Other operating expenses Operating profit (loss)

256

229

96

10

32 33

43 30

Financial income and expenses Income from non-current assets Dividend income from group companies Interest income from group companies Other interest and financial income Other interest income from group companies Other interest income from other companies Other financial income from group companies Other financial income from other companies Impairment charges and reversals on investments

Advance payments

321

302

479

738

Receivables Current receivables Trade receivables

8

5

48

37

144

150

Receivables from group companies

1,714

1,786

24 39

30

Receivables from participating interest companies

12

13

1

Other current receivables

112

182

130 -226

974

Prepayments and accrued income

15

12

9

10

1,900

2,029

Interest and other financial expenses Interest expenses to group companies Interest expenses to other companies

-156 -102

-133

Other current financial assets Cash and cash equivalents

1

1

-93 -32 -17

729

500

Other financial expenses to group companies Other financial expenses to other companies

0

Total current assets

2,952

2,832

-112 228 323

Assets

12,283

11,852

1,632 1,642

Profit (loss) before closing entries and tax

Closing entries Depreciation difference

20 57

31 37 -37 31

Group contributions received Group contributions granted

-7

70 -12

Income taxes

6

1

Profit (Loss) for the period

382

1,675

UPM FINANCIAL REPORT 2024 320

320

UPM FINANCIAL REPORT 2024

321

321

UPM ANNUAL REPORT 2024

UPM ANNUAL REPORT 2024